Word of the Day - Greed
I don't like to write about the negative stuff in my posts but sometimes is important to become familiar with the "other side" of human nature. As a matter of fact, greed is not invented with the born of the cryptocurrencies and the blockchain, it existed a long time ago. I would like to share my thoughts with you guys about it...
So, how would I describe or define greed?
Well, greed appears when someone who doesn't have power or money, suddenly get some significant amount that usually changes that person very fast, and usually in a bad way. Because the person doesn't know how to manage that power, he didn't have time to get used to it, and it wants more and more power, without knowing how to control it... It starts to be an obsession that can't be controlled with mind and losing control under your thoughts usually ends badly.
How is greed manifested in the crypto world?
The perfect example we can find back in the last bull run in late 2017... When prices of cryptocurrencies went to the moon, and different coins were appearing every day as mushrooms, without any use case and ideas... That was the perfect complot for greed...
Everyone was buying different coins without any control and knowledge about the things that will come after... That was the perfect example of losing control under your actions. People were greedy and that came to the payment just a few months later when prices were going down... Unfortunately, we saw a lot of people losing a lot of money, broken relationships...
When someone sees that something is profitable, he's greediness will tell him to go "ALL IN" and we all know that putting all the eggs in the same basket isn't the wise decision. And we know what is usually the end... It gets burned...
What did we do wrong?
Well, we were too blind to see that the price of coins can't go up forever... We forgot to CASHOUT some of our earnings on the way up...
Why we didn't do that? Because we were greedy!
What is a solution for next time? The best way is to create limits where you will cashout some... Putting limits will help you to regain control under your actions and in that way control your greediness.
How can we fight against greediness?
At our STEEM blockchain, we have the same problem with greed as everywhere else, but we have some mechanisms to soften our greediness. You are not alone on the chain, we are a social network, we have communities, we have curation rewards and those things make some kind of balance between "good and bad"... By liking / upvoting others, you are rewarding others and yourself... Without knowing, you are doing a favor to others and lower your level of greediness. In some way, you are getting rewarded for your goodness and kindness.
In conclusion, being greedy can maybe pay off in the short term, but you will lose in the long term for sure. If not by losing money and wealth, then in losing the much more important things like friends, family and your life connections.
ph
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What you describe will always be a component of any decentralized or unregulated market by definition. It's a primary reason why constraints are placed on regulated markets. Even within Steem you see some sorts of constraints in place, like only being able to power down your staked Steem over several days instead of all at once like you could do when you powered up.
I knew that I have forgotten something important about the STEEM "protection", powering down... And you are right, there is no universal solution for greed and unreasonable actions that we do, but it's okay to slow down sometimes... :)
Thanks for your great addition to the post!
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Great post on having control over your assets and diversifying to keep from losing everything. In your paragraph above "What Did We Do Wrong", you said, "Well, we were too blind to see that the price of coins can go up forever..." Did you mean to say "can't go up forever"? Or am I misinterpreting this?
Thank you for your comment!
And, yes, I have made mistake with can --> can't.. Fixed... Thanks for the headsup... :)
Great post on Greed @ph1102, what situations boost it, and how systems can be created to use Greed to do good, like the upvotes on Steem and CTPtalk just as you pointed out, it's awesome.
This post is AWESOME!
It has therefore got a manual 100% upvote from @thisisawesome, for the Awesome Daily Upvotes in category CTPtalk, I give out 1 such vote in that category per day, plus 3 more in other categories, and your post will also be featured in todays Awesome Daily report for more visibility.
The goal of this project is to "highlight Awesome Content, and growing the Steem ecosystem by rewarding it".
I'm glad that you like it... I have probably missed a few things, but those are some that I got on mind when I think about greed... ;)
Thanks for the comment!
Thanks @ph1102, and yeah the best systems forces even the bad actors to do good by making that the most profitable that you can do, stay awesome.
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